FencePlus: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FencePlus
Largest movements
- Cash +€86,155
up €86,155 (+32.3%), from €266,790 to €352,945
mainly Net result for the year (+€91,235) and Receivables within one year (+€9,624)
- Receivables within one year -€9,624
down €9,624 (-24.4%), from €39,415 to €29,791
of which Trade receivables: -€13,526
- Stocks and contracts -€6,259
down €6,259 (-8.8%), from €71,294 to €65,036
- Reserves +€91,235
up €91,235 (+35.2%), from €259,188 to €350,423
of which Distributable reserves: +€91,235
- Tax, wage and social debts -€16,270
down €16,270 (-100.0%), from €16,270 to €0
- Trade debts -€13,063
down €13,063 (-17.6%), from €74,165 to €61,101
- Short-term financial debts +€8,093
new in 2025: €8,093
- Gross operating margin +€12,936
up €12,936 (+11.4%), from €113,020 to €125,956
- Taxes -€3,043
down €3,043 (-9.1%), from €33,455 to €30,412
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €380,080 | €449,514 | +€69,435 | +18.3% |
| Fixed assets | 21/28 | €2,284 | €1,450 | -€833 | -36.5% |
| Tangible fixed assets | 22/27 | €2,284 | €1,450 | -€833 | -36.5% |
| Furniture and vehicles | 24 | €2,284 | €1,450 | -€833 | -36.5% |
| Current assets | 29/58 | €377,796 | €448,064 | +€70,268 | +18.6% |
| Stocks and contracts in progress | 3 | €71,294 | €65,036 | -€6,259 | -8.8% |
| Stocks | 30/36 | €71,294 | €65,036 | -€6,259 | -8.8% |
| Amounts receivable within one year | 40/41 | €39,415 | €29,791 | -€9,624 | -24.4% |
| Trade receivables | 40 | €38,729 | €25,203 | -€13,526 | -34.9% |
| Other amounts receivable | 41 | €687 | €4,588 | +€3,902 | +568.1% |
| Cash at bank and in hand | 54/58 | €266,790 | €352,945 | +€86,155 | +32.3% |
| Deferred charges and accrued income | 490/1 | €296 | €292 | -€4 | -1.5% |
| Total equity and liabilities | 10/49 | €380,080 | €449,514 | +€69,435 | +18.3% |
| Equity | 10/15 | €279,188 | €370,423 | +€91,235 | +32.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €259,188 | €350,423 | +€91,235 | +35.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €259,188 | €350,423 | +€91,235 | +35.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €100,892 | €79,091 | -€21,800 | -21.6% |
| Amounts payable within one year | 42/48 | €98,392 | €76,591 | -€21,800 | -22.2% |
| Financial debts | 43 | - | €8,093 | +€8,093 | |
| Credit institutions | 430/8 | - | €8,093 | +€8,093 | |
| Trade debts | 44 | €74,165 | €61,101 | -€13,063 | -17.6% |
| Suppliers | 440/4 | €74,165 | €61,101 | -€13,063 | -17.6% |
| Advances received on contracts in progress | 46 | €7,956 | €7,397 | -€560 | -7.0% |
| Taxes, remuneration and social security | 45 | €16,270 | €0 | -€16,270 | -100.0% |
| Taxes | 450/3 | €16,270 | €0 | -€16,270 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216 | €833 | +€617 | +285.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €592 | €797 | +€205 | +34.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €113,020 | €125,956 | +€12,936 | +11.4% |
| Operating profit (loss) | 9901 | €112,212 | €124,326 | +€12,114 | +10.8% |
| Financial income | 75/76B | €552 | €94 | -€458 | -83.0% |
| Recurring financial income | 75 | €552 | €94 | -€458 | -83.0% |
| Financial charges | 65/66B | €2,059 | €2,774 | +€714 | +34.7% |
| Recurring financial charges | 65 | €2,059 | €2,774 | +€714 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €110,705 | €121,646 | +€10,942 | +9.9% |
| Income taxes | 67/77 | €33,455 | €30,412 | -€3,043 | -9.1% |
| Profit (loss) for the period | 9904 | €77,250 | €91,235 | +€13,985 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,250 | €91,235 | +€13,985 | +18.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.